Arise Sir Russell - 72 accept revived knighthoods

He brought home the America's Cup in 1995 and 2000 to a hero's welcome, only to suffer the wrath of a nation when he left Team NZ to win the Auld Mug for Alinghi in 2003.

But from today, he will officially be known as Sir Russell Coutts.

Sir Russell is one of 88 New Zealanders recognised by Helen Clark's Government with the country's highest honours after it abolished titles.

John Key's Government gave them the option of accepting a title when it restored the old system, and their decisions are announced today. Seventy-two have accepted.

Sir Russell jumped ship for the 2003 challenge and was slammed as a "traitor to the nation".

Last night, Royal New Zealand Yacht Squadron commodore Scott Colebrook was in a forgiving mood and comfortable with the prospect of calling Russell Coutts "Sir".

"He has had the award for some years. If he has chosen to take the title, that's up to him. It's his call. It's of no consequence to us."

Sir Russell, who is now sailing in San Diego, will be joined in the capital for the investiture ceremony by fellow expatriates - and new knights - Sir Peter Snell and Sydney-based CBA Bank head Sir Ralph Norris.

Other well-known New Zealanders who have accepted a title include former Prime Minister Jenny Shipley, The Warehouse founder Stephen Tindall and netball coach Lois Muir.

The titles will be formally bestowed at a ceremony at Old St Paul's in Wellington on August 14.

Prime Minister John Key said the honours were "a real celebration of success".

"I am very pleased that 87 per cent of those eligible for a title thought so as well. I also respect those who chose not to change their status."

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For Sir Peter Snell, his first trip back to NZ in "a couple of years" is likely to be a surreal affair. Not only will he officially receive his title, he will also unveil a statue of himself at Cook's Gardens in Wanganui.

Speaking from his home in Dallas, Texas, Sir Peter - the triple Olympic gold medallist voted New Zealand's Sportsman of the 20th Century - described his knighthood as "pretty nice, actually".

"I was a little cynical about it for a while," he said. But in the end, solid, practical advice won out. "My family said, 'Don't turn this down'."

He realised that his previous "Distinguished Companion of the NZ Order of Merit" honour - while flattering - was a little meaningless.

Also, it dawned on him that he was now sufficiently advanced in years to accept a knighthood and not feel "awkward" about it.